Global EPC (Engineering, Procurement, and Construction) Market to Grow at a CAGR of 3.20% During 2024-2032, Aided by the Increasing Government Investments in Infrastructural Development

The global EPC (engineering, procurement, and construction) market growth is driven by increasing government investments in infrastructure development to build bridges and road development projects. The EPC (engineering, procurement, and construction) sector is vital for executing complex projects across industries. EPC firms provide comprehensive solutions, including engineering design, procurement, and construction services, prioritising cost-effectiveness and efficiency. By leveraging advanced technologies and sustainable practices, they ensure successful project delivery. As global demand for large-scale projects increases, the EPC market is poised for steady growth, driving innovation and collaboration among industry participants.

Fig: Construction Company Sales and Market Capitalisation by Major Countries 2022

Large-scale infrastructure projects necessitate substantial investments and expertise, prompting organisations to engage EPC firms for turnkey solutions. These firms collaborate closely with clients throughout projects to ensure success.

The surge in power generation projects and global energy demand is driving the need for engineering, procurement, and construction (EPC) services worldwide. Governments favour EPC contractors for their expertise and efficiency in executing complex projects.

In October 2023, NTPC and MSPGCL issued invitations for engineering, procurement, and construction (EPC) bids totalling 900 MW of solar power projects. NTPC Green Energy Ltd tendered 300 MW projects, including nationwide locations. Maharashtra State Power Generation Co. Ltd or MSPGCL invited bids for 600 MW projects in Maharashtra. EPC packages include land acquisition, design, installation, and maintenance. Both projects are open for solar cell and module usage from any source. MSPGCL's projects include power evacuation systems and three years of maintenance support, and the bids were tendered under renewable energy bundling schemes.

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Market Breakup by Type, Application, Marketing Channel, and Region:

• The market is segmented based on type into engineering, procurement, construction, and design, among others.

• Based on application, the market can be divided into chemicals, power, oil and gas, industrial, IT and telecom, roads, railways, and bridges, airports and ports, and building construction, among others.

• On the basis of marketing channel, the market can be categorised into offline channel and online channel.

• By region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• With global infrastructure development on the rise, the demand for EPC services is poised to increase. Government investments in bridge and road projects are key drivers, demanding specialised engineering expertise and equipment.

• The rising power generation projects, global energy demands, and the increasing government investments in sustainable development are aiding the market growth.

• The market benefits from increasing investments in large scale infrastructure projects and growing collaborations by leading market players.

Key Offerings of the Report:

• The EMR report gives an overview of the global EPC (engineering, procurement, and construction) market for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the type, application, marketing channel, and region of the global EPC (engineering, procurement, and construction) market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the market are China State Construction Engineering Corporation Ltd., Fluor Corporation, Prokon Engineering and Consulting Inc., Tekfen Holding A.S, Maire Tecnimont S.p.A., SAIPEM SpA, Swinerton Incorporated, Samsung Engineering Co. Ltd, Larsen & Toubro Limited, TechnipFMC plc, Wood plc, and GS Engineering & Construction Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.